Nabb & Fry Co. reports net income of $30,000. Interest allowances are Nabb $7,300 and Fry $5,5 $14,300 and Fry $10,800, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negatlve slgn preceding the number eg. -15,000 or parenthesls e.g. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 24 2$ 24 Interest allowance Remaining excess/deficiency Total division of net income %2$

Nabb & Fry Co. reports net income of $30,000. Interest allowances are Nabb $7,300 and Fry $5,5 $14,300 and Fry $10,800, and the remainder is shared equally. Show the distribution of income. (If an amount reduces the account balance then enter with a negatlve slgn preceding the number eg. -15,000 or parenthesls e.g. (15,000).) Division of Net Income Nabb Fry Total Salary allowance 24 2$ 24 Interest allowance Remaining excess/deficiency Total division of net income %2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Williamson Distributors separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts. Accounts not yet due = $29,000; estimated uncollectible = 5%. Accounts 1 to 30 days past due = $9,900; estimated uncollectible = 15%. Accounts more than 30 days past due = $3,900; estimated uncollectible = 25%. Compute the total estimated uncollectible accounts.
Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $86,000 and $4,800, respectively. During Year 2, Allegheny wrote off $9,000 of Uncollectible Accounts. Using the percent of receivables method, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $7,200. What amount will Allegheny report as Uncollectible Accounts Expense on its Year 2 income statement? Multiple Choice $2,400 $9,000 $7,200 $11,400
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Answer only please.
The Peter Company's Unadjusted Trial Balance shows the following balances: Accounts Receivable ....................................................... $600,000. (dr.) Allowance for Uncollectible Accounts ...............................$13,000. (dr.) Net Sales ...................................................................... $4,000,000. (cr.) 4.Assume that Peter Company’s aging schedule indicates that 4% of the December 31 receivables will become uncollectible. What amount of bad debt expense will Peter Company report in its income statement? a.$ 9,000. b.$13,000. c.$24,000. d.$37,000. 5.Assume that Peter Company estimates its bad debts expense to be 1% of Net Sales. After the adjustment is made to record bad debts expense, what will be the net carrying value of the accounts receivable in Peter Company's Balance Sheet? a.$600,000. b.$573,000. c.$560,000. d.$547,000.
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The following information is available from the annual reports of Pharoah Company and Novak Corp. Companies. Sales Beginning receivables, net Ending receivables, net 1. 2. 1. (In millions) 2. Pharoah Company $128,000 Based on the preceding information, compute the following for each company: (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 23,300 Accounts receivable turnover 16,300 Average collection period Novak Corp. $43,000 4,000 Accounts receivable turnover. (Assume all sales were credit sales.) Average collection period. 4,800 Pharoah Company times. days Novak Corp. times days.
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Explain within calculation